题目：Corporate Finance and Environmental Policy: Evidence From China’s Emissions Trading Scheme

主讲人：叶志文

时间：2024年4月26日 14:00 – 15:00

地点：北京师范大学珠海校区励耘楼B312

摘要：This study investigates corporate financing responses to environmental policy by examining the impact of China’s emissions trading scheme (ETS). Using a difference-in-differences method, we find evidence that the ETS incentivizes firms to expand their financial bases for innovation rather than operational activities. Interestingly, these effects are mainly observed among financially constrained, high-polluting firms. We investigate the underlying reasons for this heterogeneity, explore their sources of financing, and analyze the consequences of their financing responses. We find no systematic changes in bank loan or bond debt but observe a greater reliance on trade credit, a more conservative dividend policy, and increased tax avoidance. We observe productivity improvements but higher liquidity and default risks. Our study highlights notable distinctions in corporate financing responses across diverse environmental policies, reveals the active pursuit of alternative financial resources to support innovation efforts, and provides insights for policymakers driving the green transition.

本研究通过考察中国排放交易体系（ETS）的影响，探讨了企业在环境政策下的融资反应。采用双重差分法，我们发现ETS激励企业扩大金融基础，以支持创新而非日常运营活动。有趣的是，这些效应主要观察于财务受限的高污染企业中。我们研究了这种异质性的潜在原因，探索了它们的融资来源，并分析了融资反应的后果。我们没有发现银行贷款或债券债务的系统性变化，但观察到企业更多依赖贸易信贷，采取更为保守的股息政策，并增加了避税行为。我们还观察到生产率的提高，但流动性和违约风险也随之上升。我们的研究突出了企业融资反应在不同环境政策下的显著差异，揭示了企业积极寻求替代金融资源以支持创新努力，并为推动绿色转型的政策制定者提供了洞见。

个人简介：叶志文博士为现任香港理工大学助理教授。叶博士于加拿大卡尔加里大学（University of Calgary）取得经济学博士学位，本科与硕士毕业于加拿大麦吉尔大学（McGill University）。曾任加拿大皇家山大学（Mount Royal University）讲师。主要研究领域包括环境经济学、劳动经济学和宏观经济学。在 Economic Inquiry 、 Journal of Environmental Economics and Management 、 Research in Social Stratification and Mobility  等多个期刊上发表论文。担任 Journal of Environmental Economics and Management、Journal of Environmental Management、The B.E. Journal of Economic Analysis and Policy 等学术期刊匿名审稿人。主持多项研究项目，获得了香港研究资助委员会等多个研究机构的研究资金支持。